Slideshow: Women working in financial education

By Charlotte Clarke and Wai Kwen Chan

What is the biggest challenge you have faced as a woman working in finance? Top female finance professors give their answers.

“Performing at the highest-level as a finance academic, publishing in top journals and maintaining a commitment to innovative teaching, means that sacrifices in other areas of life must be made. Missing out on important birthdays, holidays, and school events is not uncommon and I often feel guilty. However, new communications technologies are ensuring that I remain plugged into my family. While many complain that easy access to the internet is blurring the distinction of work and life in a negative way, it can also make contact with family members more immediate and intimate.” (Kai Li, W.M. Young chair in finance, Sauder School of Business, University of British Columbia, Canada.)

“The biggest challenge has been international mobility: spending enough time abroad to build a network and increase my international credibility. I saw with my male colleagues that their spouses happily accompanied them, but my husband was not keen on quitting his job and starting from scratch abroad - hence, I spent one year alone in the US at Wharton, while married, at a time without Skype and limited internet availability! This was a considerable personal sacrifice at that time, but one that was necessary to further my career.” (Dr. Sophie Mangart, professor of finance, Vlerick Leuven Gent School of Management, Belgium.)

"My biggest challenge has not been in the field of finance itself but rather the difficulties that many of us face in balancing work and family. I have dealt with this by marrying the right person, eating lots of take-out and varying the focus of my efforts over time.” (Susan Wachter, Richard B. Worley professor of financial management, The Wharton School, University of Pennsylvania, US.)

“Here at Edhec, the faculty of finance is dominantly male but I gather that my colleagues would very much welcome having more female faculty members around, should suitable candidates apply. The main challenge I face as an academic is thus not gender-related. Rather it relates to my ability to constantly push the boundaries of my understanding of financial markets. This learning experience is at times challenging but also very stimulating.” (Joëlle Miffre, professor of finance, Edhec Business School, France.)

“Being a finance faculty at HEC Paris has been tremendously rewarding and so far I have not experienced any challenges that are any different from those faced by my male peers. Hence, I find it a bit surprising that one does not get to see many female finance faculty around, especially given that, in general, they are equally capable, talented and treated [the same] as anyone else. Therefore, I would encourage any young women out there, who are contemplating a career in finance, to give academia a serious thought.” (Dr. Dragana Cvijanovic, assistant professor of finance, HEC Paris, France.)

“In my experience, the challenges of being a woman in finance and a woman who teaches finance are the faces of the same coin. On one side, you receive immediate attention as a woman among few in the crowd (there are still few women in finance but many more than when I began). So you stand out, and this is an advantage. However, once you have the audience’s attention (whether students, clients, or colleagues), you must prove quickly – and often with greater quality – that in addition to bringing your gender, you bring knowledge and experience. Otherwise, there is the risk that they view you as a "woman" and not a "finance professional". (Celia de Anca, professor of Islamic finance, IE Business School, Spain.)

“Perhaps because my specialties are public finance and pensions, I have never confronted any personal obstacles working in these fields. The biggest professional challenge I have faced is the near-impossibility of getting politicians to focus on and move ahead on reforming social security and pensions, both essential in this era of global aging.” (Olivia Mitchell, professor of insurance and risk management at The Wharton School, University of Pennsylvania, US.)

“The single biggest challenge I faced was establishing credibility with senior colleagues as a long term participant in the field. I believe perception is reality and I had to be perceived as being committed to my career choice and profession. The way I addressed this challenge was to maintain consistent performance over the years and to demonstrate both willingness and flexibility in terms of the scope of my work. I also showed that I was interested in taking on new challenges such as learning new markets or products in order to advance my career.” (Fotini Tolias, lecturer in finance, University of Toronto Rotman School of Management, Canada.)

"The biggest challenge as a woman in Finance is the small representation of women in general in the industry. I approached the problems in two ways: firstly, I built a network of female mentors and peers; the relative scarcity of women means that those approached tend to be very responsive and helpful. Secondly, while solid performance on the job is the baseline for professional acceptance and respect, I didn't worry about admittance into the more elusive 'boy's club'. Instead, I found building rapport while exchanging views on work, the arts, food, and current events works well in drawing 'the boys' out of the 'club' and onto common ground." (Jenny Chu, university lecturer in accounting, Cambridge Judge Business School Finance and Accounting group, UK)

"Leonardo Polo, in his book 'What Is Man' classifies people into two groups; those who solve problems and those who don't. This classification determined the way I approached my professional career, always trying to fit into the first group. In finance, I think the biggest challenge I have had throughout my career has been remaining consistent with what I consider a 'problem solver' approach - and then convincing people that my particular approach to finance is relevant for all managers, not just women. When studying finance, a good decision maker is usually the person who, from a number of different alternatives, is able to identify and carry out that which produces a better long-term economic performance. However I think that when we analyse, make decisions and carry them out, we should not only consider the economic consequences but also choose actions which teach us something, both to us - the person making the decision - and to the people who will be affected by it. Decisions should also be judged on what impact they will have on other future actions and, in particular, how these actions will have the capacity to solve future problems. Early in my career people told me that I used this particular approach because I was a woman. This made me angry and challenged me to try and convey that this approach, my approach, was the best, not just for a woman but for any manager. Through persistence and good results I managed to convince people that if we made decisions taking into account all the possible consequences we would be trying to become better people and help, or at least not stop, people we work with to achieve this goal too." (María Jesús Grandes, professor of accounting and control, Iese Business School, Spain)

“The biggest challenge, by far, that I faced while on Wall Street was the lack of female role models who had a balanced life yet were able to do well professionally. Women who took time off for family or wanted a more balanced lifestyle were effectively written off. I believe things are changing for the better and firms are working harder to attract and retain women. This is one of the reasons I started the Women in Investing MBA conference in my current role – to encourage more women to go after lucrative careers and hopefully facilitate a change in the way firms think about attracting and retaining this talent pool.” (Lakshmi Bhojraj, director of the Parker Center, The Samuel Curtis Johnson Graduate School of Management, Cornell University.)

“The easy part has been doing the job: publishing, teaching, and mentoring. The hard part has been the almost complete lack of role models. Fortunately, that part will be easier for the younger generation.” (Toni M. Whited, professor of business administration and professor of finance, Simon School of Business at the University of Rochester.)